Wage Revision For LIC Employees: Staff May Get 18.5 to 20% Hike

With the much-anticipated wage hike due to be announced this week, over one lakh LIC workers across the country will have reason to celebrate. According to sources close to the situation, LIC Chairman M R Kumar had a virtual conference with union leaders today for the customary "information sharing session" to wrap up the process after discussion. Over one lakh LIC employees across the country could be satisfied by the news, as the LIC wage revision is due on August 1, 2017. The LIC management had previously offered a 16 per cent wage increase.

In addition to this bid, the management declared a 100 basis point reduction in the interest rate on housing loans taken out by various LIC cadres. Employees of LIC may be in for a treat this period, with an 18.5-20% jump (excluding superannuation) in the new pay revision, which is being finalised in a year when the insurance giant is set to launch the country's largest-ever initial public offering (IPO) according to the source (BusinessLine). Another intriguing factor is that the LIC management and its employee unions have yet to agree on a wage settlement. And after the "information sharing" meeting, the management's final plan will be submitted to the government and can be changed at any time until notification by the Finance Ministry (Department of Financial Services) is declared.

Life Insurance Corporation (LIC) of India has also succeeded to post a double-digit rise in FY21. M R Kumar, the corporation's chairman, announced on Friday that the corporation's growth increased by 10% in FY21. According to the data released by (The Economic Times), LIC had a new business profit of Rs 1,56,068 crore for the 11 months ended February 2021, which was 3% less than the previous year.